US To Begin Refilling Oil Reserves

In 2021, as the world began to return to normal following COVID-19, demand for gasoline rose, sending prices soaring across the nation. To help with the energy crisis, President Joe Biden made the decision to start releasing oil from the Strategic Petroleum Reserve. A year later, the administration is replenishing the stockpile by buying oil.

To start restocking the SPR, the Biden administration bought three million barrels of crude oil on December 16. The president has given the go-ahead to sell 200 million barrels of oil during the past year.

After announcing that it will start repurchasing crude oil for the reserves at a price between $67 and $72 per barrel, the administration made the purchase a few months later. The last 12 months have seen the lowest gas prices ever. As of December 20, the national average price for a gallon of normal petrol was $3.12, according to AAA. The price per gallon was higher at same time last year.

After the Arab oil embargo produced petroleum shortages, high prices, and harm to the US economy, the government established the SPR in 1975. Hundreds of millions of gallons of oil are stored there. The president and his allies in the International Energy Agency (IEA) strategically coordinate efforts to release oil when there is an energy crisis.

Did you agree with Biden’s choice to let oil out of the SPR?

RELATED ARTICLES

Young Georgia Police Officer Resigns After Department Puts Him On Leave For Opposing Gay Marriage (VIDEO)

A Port Wentworth police officer who discussed his biblical beliefs on Facebook and was subjected to harassment and even suspension, decided to...

Biden Just Used More US Taxpayer Money In Ukraine

Another round of relief for Ukraine was paid for the US taxpayers. The United States revealed on Wednesday that...

WATCH: Biden Clenches His Teeth And Screams During Another On-Stage Meltdown

Joe Biden appeared to have another dementia-induced outburst while presenting an economic speech at a Town Hall meeting in Virginia on Thursday.

US Doesn’t Have Enough Tanks To Send Ukraine – Pentagon Admits

Ukraine will have to wait months for the promised 31 M1 Abrams tanks since the Pentagon does not have enough of the...

Dems Lobby for HUGE Tax Increases to Small Business Owners

Due to Democratic policies, the sunsetting of Republican tax reforms, the anticipated increase in the corporate minimum tax for billion-dollar companies, and...

State Department Issues Travel Warning to Popular Tourist Destination

As a result of medallion taxi drivers harassing and abusing Uber drivers and their customers on Monday, the US State Department issued...

YOU MAY ALSO LIKE…

LATEST POSTS ON THE LIBERATED PATRIOT

Most Popular

Young Georgia Police Officer Resigns After Department Puts Him On Leave For Opposing Gay Marriage (VIDEO)

A Port Wentworth police officer who discussed his biblical beliefs on Facebook and was subjected to harassment and even suspension, decided to...

Biden Just Used More US Taxpayer Money In Ukraine

Another round of relief for Ukraine was paid for the US taxpayers. The United States revealed on Wednesday that...

WATCH: Biden Clenches His Teeth And Screams During Another On-Stage Meltdown

Joe Biden appeared to have another dementia-induced outburst while presenting an economic speech at a Town Hall meeting in Virginia on Thursday.

US Doesn’t Have Enough Tanks To Send Ukraine – Pentagon Admits

Ukraine will have to wait months for the promised 31 M1 Abrams tanks since the Pentagon does not have enough of the...

Dems Lobby for HUGE Tax Increases to Small Business Owners

Due to Democratic policies, the sunsetting of Republican tax reforms, the anticipated increase in the corporate minimum tax for billion-dollar companies, and...